Welcome to this month’s Memphis, Tennessee, real estate market report. Memphis had one of the hottest U.S. residential real estate markets in 2021. Did the New Year sales drop or increase? Is the inventory high or low? Find out on this report.
Memphis Metro Housing Stats
Memphis-area home sales for January decreased 13% from a year ago, with 1,322 total sales. Sales were down by 26.9% from December, when there were 1,809 total sales.
The average sales price from January-to-January was up 20.5% at $246,874. Inventory decreased to 13%, with 1,882 units listed for sale.
There were 53 new home sales during January in Memphis, this is a year-to-year decrease of 8.6%, and the average sale price for new homes climbed 24.3% from one year ago, up from $397,736 to $494,479.
The average market time in January was 33 days and 600 unit sales were on the market 30 days or less.
There is a total of 1,882 listings available to buyers in Memphis, this includes single family, condo and duplex properties for sale. The average list price for single-family homes is $321,302, $212,845 for condos, and $153,422 for duplex.
The market total for pending sales is 1,198 for single family, 27 for condo and 17 for duplex with the average list price of $275,144.
Bank-owned properties sold is still the same as November and December last year which is five. However, the average sales price is higher from $110,866 to $239,100 with 115.7% change compared to January last year.
Total inventory for the beginning of the year started with 1,882 total listings from 2,165 at the end of December. Sales volume is up to almost 5% compared to the start of 2021. It’s competitive when making an offer, especially with inventory running a little low.
What Does This Data Mean For Buyers?
Affordability is drawing people into the market and helping folks who are there get into the real estate market. People in the Memphis market are getting good value for their real estate dollar. If you buy in January, you have a bit more time to search.
If you have questions about buying a home in Memphis, give us a call today, and we can put our knowledge and expertise to work for you!
What Does This Data Mean For Sellers?
Total home sales in the Memphis area declined in January 2022, whether comparing the total to the same point last year or the previous month. This resulted in many Memphis neighborhoods and Shelby County suburbs seeing significant increases in home sale values , over the past year.
With fewer homes on the market, increased competition leads to higher home sale values across the board. This firmly reestablishes the Memphis area as a sellers’ market. Pricing your home correctly is extremely important. Don’t make the mistake of underpricing your home and leaving money on the table. Find out what your home may be worth with our free home valuation tool. Then give us a call and we can show you how we price homes accurately to sell your home quickly and get you the most money!
If you need to buy or sell a home here in Memphis, give us a call today at 901-451-2001. We can help you find the perfect home for you and your family. Or, we can help you sell the house you have invested into a family who will treasure it as much as you do. Don’t hesitate to give us a call to get started!
Memphis Homes for Sale
Here are the most recent home listings just added to the database in the average sale price for Memphis – all homes here are priced at $249,100 or less